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New York

Brookfield refinances 4 World Financial Center

Brookfield Properties, Lower Manhattan’s largest landlord, has completed a $270 million refinancing of 4 World Financial Center, with loans from a syndicate led by Deutsche Bank, the New York Observer reported.

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The mortgage is for less than half the deductive value of the tower, which is set at approximately $634 million, based on Brookfield’s purchase last year of a 49 percent interest in the building. Bank of America, a tenant at 4 World Financial Center, sold that stake to Brookfield.

Brookfield has undertaken a $250 million renovation of the World Financial Center buildings’ public and retail spaces, which may be funded by the refinancing, the Observer said. [NYO] — Guelda Voien

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Brookfield Office Properties